Universal Life

Architect Summit

Original line of business: Aetna

Updated on: Dec 12, 2018

Universal Life with various cost of insurance, death benefit and investment options.

Product administration guide: N/A

Sample contract: N/A

Dividend options: N/A

Bonus:  Yes 

Dividend options



An investment bonus is credited at the end of each policy year to each account value only if the net fund value at the time is greater than or equal to the Architect bonus threshold shown in the schedule.  The investment bonus consists of two parts:  (1) then account percentage from below times the net account value, and (2) the investment percentage from below times the investment return* for the policy year

    Funding Ratio**        Account percentage        Investment Percentage

        0-0.99                                0%                                            0%

        1-1.99                                0.40%                                        7%

        2-2.99                               0.60%                                        8%

        3-3.99                               0.85%                                        9%

        4+                                      1.00%                                        10%

*  The investment return on an investment account during any policy year is equal to the account value at the current policy anniversary less the account value at the previous policy anniversary plus the account deductions,  transfers or cash withdrawals (including applicable withdrawal charges) made from the account during the year, less any premium allocations or transfers to the account during the year.  However, the investment return will never be less than zero and will never exceed 10% of the average of the account values at the current policy anniversary and the previous policy anniversary

**  The funding ratio is equal to the net fund value divided by the Architect bonus threshold.  For example, if the net fund value is $5,000.00 and the Architect bonus threshold is $2,000.00, the funding ratio is 2.5.  The investment bonus credited to each account would be 0.60% of the net account value + 8% of the investment return

The Architect bonus threshold only changes:  (1) if you purchase additional Architect insurance, in which case it increases to reflect the new coverage, or (2) after the death of an insured, in which case it decreases

Premium paying period

Age 100 

Policy fees


Deposit load

Varies by province

Non forfeiture option: Yes

Loans: Yes

Withdrawals: Yes

Non-forfeiture option

120 days grace 


Permitted against 50% of the cash value in indexed accounts and 90% of the cash value in money market and GIAs. Minimum loan is $500.00 and the minimum remaining net cash value must be $500.00.  Proceeds will be reduced by the amount of the loan balance 


Permitted if the policy value is more than $1000. Minimum withdrawal is $500.00 and the minimum remaining net cash value must be $500.00. If the death benefit is anything other than sum insured plus fund value, the face amount is reduced by the amount of the withdrawal. Subject to tax

Cash value


Reduced paid up


Premium offset/holiday: Yes

Premium offset/holiday

Payments can stop if there is enough money to cover the policy costs. Not guaranteed

Death benefit

  • Level sum insured: the benefit paid at death is equal to the face amount less any outstanding loan or negative fund value. Level sum insured is not available on multilife
  • Coverage plus: the death benefit is equal to the face amount plus the fund value less any outstanding loan. On a multilife plan, the fund can be paid on each death or last death
  • Minimum sum insured plus fund value. The sum insured remains level for first 5 policy years.  On 5th policy anniversary and every anniversary after that, if the p/o has notified us that premium payments have stopped, the sum insured is adjusted to the minimum level required to maintain exempt status, provided adjusted sum insured is not greater than the initial sum insured. For a policy with 1 insured, the death benefit = sum insured as of last adjustment + fund value less loan. If more than 1 insured, the initial death benefit = the applicable sum insured. On death of last remaining insured, death benefit = sum insured + fund value less loan
  • Indexed sum insured: the death benefit is equal to the face amount plus the amount of the indexed coverage less any outstanding loan and/or negative fund value
  • Return of premium with interest: the benefit paid is the face amount plus the sum of all premiums paid (less withdrawals) + interest (minus any outstanding loan).  The maximum additional sum insured will be four times the sum insured
  • Sum insured + adjusted cost basis (ACB). The benefit is equal to the sum insured plus the ACB

Reinstatement period

2 years


No, this is a permanent product